Cardano’s native token ADA is currently trading around the $0.60 mark on Tuesday. The leading altcoin spiked 80% in the last seven days and is attracting heavy bullish sentiments in the indices. ADA was trading at $0.33 before the US election results and scaled up in the charts to $0.64. It is now briefly retracing in price, but the buying sentiments remain high as its trading volume hits $3.7 billion.
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Bitcoin went from $68,000 to $89,000 in a week but Cardano’s ADA failed to climb above the $1 mark despite the bull run. However, investors are hopeful that ADA could breach the $1 wall this time as the rally is sustainable. Experts project that the price rise could continue till the heels of Trump’s inauguration in January 2025.
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Cardano (ADA) Will Hit $1: Timeline Revealed
Leading on-chain metrics and price prediction firm CoinCodex has painted a bullish picture for Cardano’s ADA. According to the price prediction, ADA could reach a maximum high of $1.31 next month in December 2024. That’s an uptick and return on investment (ROI) of approximately 120% from its current price of $0.60. Therefore, an investment of $1,000 could turn into $2,200 next month if the forecast turns out to be accurate.
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“Cardano is predicted to finish the year by changing hands in a trading channel between $ 0.749694 and $ 1.313905. In other words, investors would generate a potential profit of 123.20% if ADA follows the prediction,” read the forecast. This puts the altcoin on the must-buy list, as the profits could be impressive.
Doubling money in a month is phenomenal returns as no other investment vehicle could possibly achieve the feat. Apart from the stock market, only cryptocurrencies could double your investments in a month. That is only if the invested altcoin performs better than expected. Whether Cardano’s ADA will rise more than 100% by next month, we will have to wait and watch.